MISSION NEW INDIA

AS INDIA STRIVES TO BECOME A $5-TRILLION ECONOMY BY 2030, MORE INCLUSIVE REFORMS WILL BE NECESSARY FOR FASTER GROWTH. THE NEXT FIVE YEARS ARE EXCITING FOR THE ECONOMY-PROVIDING BOTH FRESH POSSIBILITIES AND NEW CHALLENGES

- SURABHI

FIVE YEARS IS not a very long time. But neither is it too short. It's roughly the same time span in which a teenage child transforms into an adult or certain trees take to mature and bear fruit. For democracies too, five years means new governments, new policies and economic cycles.

The same holds true for India. As the fastest-growing major economy in the world with an estimated growth rate of more than 7% over two straight years it has ambitions of turning into a $5-trillion economy over the next few years. But it has to address a number of challengesfrom sustaining economic growth through more policy reforms, creation of adequate physical infrastructure, boosting private sector investments, meeting the health and nutritional needs of a growing population, finding adequate jobs for its workforce, and mitigating the risks of climate change.

Meanwhile, the global geopolitical landscape is in for a reset with national elections in as many as 50 countries this year. According to US-based think tank Integrity Institute, in 2024, as many as 83 elections (national or otherwise) are being held across 78 countries; this means these polls would impact the lives of nearly half the world's population who collectively reside there. "We won't see that many again until 2048. What also makes 2024 special is not just the number of countries but the fact that for the first time, you will have a US presidential election in the same year as elections in major countries such as India, Indonesia, Ukraine, Taiwan, Mexico, the UK, and the European Parliament," it noted. (See graphic Poll Fever')

What India will be in 2029 will in a large part be shaped by the next government that comes to power after the General Elections this year; the new government will lay down the key priorities for the next five years as well as the policy prescriptions that are required.

A BRIGHT SPOT